Austin Life Insurance
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Ok so 3 more posts today that I’ve dug up – I’m an information JUNKIE on this stuff lately. Give em a browse and let me know what ya reckon. They’re just from a few different sites I’ve been surfing lately that are generally good for information like this…
Is it true that term life insurance rates will be decreasing in …
Will it happen right away or gradually throughout Read the rest of this entry »
Should I get Whole Life or Universal Life insurance?
My husband and I need life insurance. We are in our early 30's and we are thinking about the future. I want insurance for the long run. My quote for whole life was almost double the premium for Universal. I have read a lot on here about universal and it's negative. So I don't know which one to go Read the rest of this entry »
Apr 16
Every person needs to insure his life. He can either go for permanent insurance policies or settle down with term life insurance plans. Any one of these offers a person insurance coverage for a short period of time, which can be 1, 5, 10, 15, or 20 years. The “term” depends on the need and preference of the individual. Due to this reason a term life insurance is also Read the rest of this entry »
What are the Advantages of Term Life Insurance?
Alice
Austin, TX.
Alice,
Even though term life insurance can be renewed, at the time of renewal the policy owners life is probably at a different age and his health may be different so the terms of payment may be higher.While term life insurance does not have the greatest long lasting benefit it serves a valuable purpose in the short term. It’s easy to understand and easier to afford than other life insurance products. A term life insurance policy can be converted to a permanent life insurance policy within the same insurance company to age 75.
Great Question.
What is the difference between Term Life Insurance and Whole Life Insurance?
Susan
Georgetown, TX.
Susan,
The simple explanation is that term life insurance is just raw, basic
insurance. It pays cash to the beneficiaries upon the death of the insured person. Until that death occurs, the policy has no actual cash value. You can’t borrow against a term life policy and if you stop paying the premiums, you’ll have nothing to show for the premiums you’ve already paid.
The big advantage of term life insurance is that it’s the lowest cost way to get a large amount of coverage. For a few dollars, you can get many thousands of dollars worth of insurance.
Whole Life Insurance
Whole life insurance does build ongoing cash value. The longer you keep the policy, the more value it has. And this is real, cash value that you can borrow against if you get in a bind for cash. Although whole life insurance is more expensive than term life insurance, the returns you can get, in the form of increased cash value over the years, can be substantial.Which is best for you?
It all depends upon your particular circumstances. If you’re just starting out in life with a new family and you don’t have much money, term life insurance might be your best choice. You’ll get the most amount of protection for your family at the lowest cost.
Great Question.